Full Record

The Exchange G.M. Company
Record no:
30 September 1890
The authors listed, W.E. Marmion and Edwin S. Mansfield, read different sections of this report to the company directors, but are not directly credited with writing them.
Kept:Press clippings book 1, p. 58

The second half-yearly meeting of the above Company was held at the office
of Mr Edwin S. Mansfield, St George's-terrace, on the 26th inst. Several
shareholders were present, and Mr W. E. Marmion, M.L.C., having been voted

to the chair, the following report was read: —

"Your Directors, in submitting the second half-yearly report to the
shareholders, are glad to be a position to assure them that they have
every confidence in the ultimate success of the Company.  It is some three
months since the Huntington Mill was started, and two crushings of quartz
from the Company's claim have been made, the result of the first being 12
dwts. to the ton, and of the second a little under an ounce.  The Mill has
also crushed 100 tons of stone for the South Fraser's Company, and a small
parcel for a syndicate.  Several hundred tons are now waiting treatment.
Operations at the works were progressing so favourably that in July your
Directors deemed it unnecessary to levy any further calls as there was
every prospect of the property proving far more than self supporting in
the immediate future.  It, however, became necessary to send to the
eastern colonies for certain portions of the crushing plant which required
renewing, and owing to the strike in the shipping trade it has been
possible to get them forwarded, consequently work at the mill has had to
be suspended pending their arrival, which is expected within a week or
two.  Operations can be resumed immediately we are in possession of the
required portions of machinery.  In the meantime it has become necessary
to make another call to meet current expenses in connection with the
development of the mine itself.  Your mining manager reports favourably of
the prospects of the mine.  This, coupled with the fact that we can obtain
large quantities of stone for crushing from other companies, warrants your
Directors in anticipating good results for the shareholders.  Your
Directors, Messrs. J.W. Hackett, W.S. Pearce, Chas Harper, H. J. Saunders,
W.E. Marmion, and William Cameron, retire, but are eligible for re-
election, as also are the retiring auditors, Messrs. W.H. Gale and Ishmael
Rogers."  The balance sheet was read to the meeting by the manager, Mr
Mansfield, and this, with the report, was adopted.
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